银河证券北交所日报-20250729

Market Performance - The average daily change for the North Exchange (北证) was significantly positive, with a peak increase of 25.26% for Hengli Aluminum (恒立铝具) on July 28, 2025[8] - The average daily change for A-shares (A股) was lower, indicating a divergence in market performance between the two exchanges[7] Trading Volume and Turnover - The total trading volume on the North Exchange reached 600 billion CNY, with an average turnover rate of 16% as of July 28, 2025[6] - The trading activity reflects a robust engagement in the North Exchange compared to historical data[5] Sector Analysis - The top-performing sectors included machinery and automotive, with notable stocks like Hengli Aluminum and Mingyang Technology showing substantial gains[8] - Conversely, the technology sector faced declines, with stocks like Tianrun Technology dropping by 14.90%[9] Valuation Metrics - The price-to-earnings (PE) ratio for the North Exchange companies varied significantly, with some sectors like machinery showing higher valuations compared to others like basic chemicals[13] - The overall market valuation trends indicate a potential overvaluation in certain sectors, raising concerns about sustainability[10] Risks and Challenges - The report highlights risks including lower-than-expected policy support, insufficient technological innovation, and increased market competition, which could impact future performance[14] - Market volatility remains a concern, necessitating cautious investment strategies moving forward[14]